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<br /> SII►► Exemption From The Property Tax Of Improvements
<br /> Made To Homes 35 Years Of Age Or Older
<br /> Read the following information before completing the application for exemption from the property tax of
<br /> improvements made to homes 35 years of age or older.
<br /> Minnesota law encourages property owners to restore or renovate their older homes. This law, commonly referred to as
<br /> "This Old House" exempts from the property tax all or a portion of the value of improvements made to homes 35 years of
<br /> age or older.
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<br /> In order to be eligible for exemption,the property must meet the following three criteria:
<br /> 1. Property must be 35 years of age or older at the time the improvements commence.
<br /> 2. Property must be receiving the homestead classification. This includes property classified as residential homestead
<br /> (including duplexes and triplexes)blind/paraplegic veteran/disabled homestead and agricultural homestead. Relative
<br /> homesteads are eligible for the exemption.
<br /> 3. The total market value of the property must be less than$150,000 (residential: land and buildings;agricultural:
<br /> house/garage/1 acre). In special circumstances, a property with a total market value of$150,000 or more but less than
<br /> $300,000 may qualify for the exemption. In these instances,your assessor will help you determine if your property is
<br /> eligible for the exemption. Properties with a total market value of$300,000 or more do not qualify for the exemption.
<br /> If your property is a condominium and your living unit is receiving the homestead classification, any improvements made
<br /> to the unit would qualify for the exemption. Improvements to common areas are not eligible. If your property is a duplex
<br /> or triplex and it is receiving the homestead classification, improvements made to any portion of the property qualify for the
<br /> exemption from the property tax. If your property is used as a homestead and for a non-residential use,the exemption
<br /> applies only to improvements made to the residential portion of the property receiving the homestead classification. For
<br /> example, if your property is used both for a residence and for a business, the exemption applies only to the improvements
<br /> made to the homesteaded residential portion of your properry.
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<br /> Only improvements that contribute a minimum value of$1,000 or more to the house or garage of a property classed as
<br /> homestead during the year of the improvement qualify for the exemption from the property tax. This includes improvements
<br /> such as additions to the existing house and garage, expansion of the existing house and garage, restoring, remodeling or
<br /> upgrading of the existing house, addition of a porch or deck or construction of a new garage. Please note that the area
<br /> qualifying for construction of a garage is limited to 500 square feet.
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<br /> Improvements made to the site surrounding the home do not qualify for exemption. This includes such improvements to the
<br /> site as: construction of a fence, construction of a driveway, installation of a lawn sprinkler system, installation of a
<br /> swimming pool or tennis court, landscaping of the grounds,agricultural buildings.
<br /> If more than 50 percent of the square footage of a house is torn down or razed, the original house is deemed to no
<br /> longer exist, and any subsequent improvements made to the remaining structure are considered to constitute the construction
<br /> of a new house. As a result,the value of any improvements would not qualify for exemption.
<br /> If any combination of improvements double the original size of the structure, any improvement that further increases the
<br /> size of the structure will not qualify for exemption.
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<br /> There is a limit to the dollar value of the improvement which may be exempted. The limit depends on the age of the
<br /> property. Houses that are less than 35 years of age do not qualify. Houses that are at least 35 years of age but less
<br /> than 70 years are limited to one-half of the value of the improvement up to a maximum exemption of$25,000. Houses
<br /> that are 70 years of age or older are eligible to have the to value of any improvements exempted up to a maximum of
<br /> $50,000. The age of the house is based upon the number of years that the qualifying residence has existed on its present
<br /> site.
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